The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: a. Purchased $133,800 of materials. b. Used $94,100 of direct materials in production. c. Incurred $184,480 of direct labor wages. d. Incurred $215,200 of factory overhead. e. Transferred $425,880 of work in process to finished goods. f. Sold goods for $664,000. g. Sold goods with a cost of $360,000. h. Incurred $85,460 of selling expense. i. Incurred $71,800 of administrative expense. Required: Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. b. Determine the inventory balances at the end of the first month of operations. a. Prepare the January income statement for Sorensen Manufacturing Company. b. Using the information given, determine the inventory balances at the end of the first month of operations. Materials Work in process Finished goods